Dear Sirs and Madams,
With the UN Climate Change Conference just a few months away, EU member states have now agreed in the Council of Europe to reduce their greenhouse gas emissions by 66.25 to 72.5 per cent by 2035 compared to 1990 levels. Climate Commissioner Hoekstra describes this as internationally ambitious. The figures are based on existing targets.
The EU Commission is also working on a draft price cap for EU ETS2 emissions trading for heating and fuels, based on an initiative by Czechia and other countries.
Czech Prime Minister Fiala sees this as a success for the initiative, but emphasised that he wanted to prevent emissions trading in these areas altogether, although no majority was reached, as he told CNN.
The architecture of the EU ETS2 as envisaged so far is therefore by no means as secure as the EU had originally imagined. Legislators need to act swiftly here, as the trading system is due to start in just 15 months.
Last Thursday, the final auction for 2024 national emission allowances (nEZ24) took place on the EEX. Due to the end of the submission deadline at the end of the month, companies should now have purchased all certificates in order to avoid penalties of €100 per nEZ24 not submitted. These penalties are payable in addition to the certificate prices.
In the last trading week, European emission allowances in the EU ETS1 were bullish again, moving along an upward trend line that had formed since the end of August towards €80. On a weekly closing basis, EUAs closed with a gain of 2.3%.
Here, too, the deadline for compliance is 30 September 2025, and the penalties are also an additional €100 per EUA not surrendered. As prices are not expected to fall significantly by the end of the month, it is advisable to stock up on any EUAs still required in good time so that they are available for surrender on time.
Due to the biweekly absence of the Polish Wednesday auction, 2,162,500 EUAs, or 15.8% fewer certificates, will be auctioned this week than in the previous week.
UPCOMING DATES
| 30/09/2025 | End of the submission period for German national emission allowances (nEZ24) for year 2024 |
| 30/09/2025 | End of the submission period for European emission allowances (EUA/EUAA) for the year 2024 |
| 04/12/2025 | Last auction for German national emission allowances in 2025 (nEZ25) |
| 15/12/2025 | Last auction for European emission allowances (EUA) in 2025 |
| 07/01/2026 | First auction for European emission allowances (EUA) in 2026 |
| Instrument | 12/09/25 | 19/09/25 | Change |
| EUA (December-25-Future) | 75.77 EUR | 77.55 EUR | +1.78 EUR |
| EUA 2 (December-28-Future) | 88.52 EUR | 90.42 EUR | +1.90 EUR |
| nEZ25 (national Emission Allowances (D)) | 55.00 EUR | 55.00 EUR | +0.00 EUR |
| UKA (December-25-Future (UK)) | 56.11 GBP | 57.60 GBP | +1.49 GBP |
| UK Natural Gas (December-25-Future) | 88.26 GBP | 87.68 GBP | -0.58 GBP |
| ICE Brent Crude Oil (December-25-Future) | 66.54 USD | 66.04 USD | -0.50 USD |
| EURO (Forex) | 1.1733 USD | 1.1746 USD | +0.0013 USD |
(EUA, EUA 2, UKA, Natural Gas, Crude Oil and Euro Currency shows day-end-exchange quotes of the benchmark contract. This market information has just an informational character and are no advice or offer to trade emission allowances or their futures and options. If you want to unsubscribe, please reply to this mail.)
Please call our international carbon desk if any further questions exist: +49.2831.1348220 or book here a call with one of our specialists.
With kind regards,
Your Advantag – Team